Sears Closing 80 Stores

May 23, 2014byRob Bates

Sears plans to close approximately 80 stores this year, the company announced, and that number could rise.

The retailer’s parent company, which also owns Kmart, has closed 300 stores since 2010, Reuters said. It has also spun off its Lands End division and recently said it is looking to sell its 51 percent stake in Sears Canada.

The news comes as Sears posted a $402 million loss in its first quarter of 2014, compared to a loss of $279 million the prior year.

Sears Domestic saw comps rise 0.2 percent, with the retailer blaming the anemic number on weak sales of consumer electronics. Kmart comps were down 2.2 percent. The retailer did boast an impressive gain in online and multichannel sales, which grew 26 percent.

In a statement, Sears Holdings’ chairman and CEO Edward Lampert said the company is in the midst of a “significant transformation” away from its brick-and-mortar roots.

“We are moving…to a member-centric business model focused on providing benefits to our members anytime and anyplace,” he said. “Our performance in the first quarter highlights the challenges we are facing as well as the progress we are making.”